Common use of Convening Clause in Contracts

Convening. (a) The Supervisor or FSSI may at any time of their own volition convene a meeting of the Holders. (b) FSSI shall, whenever required to do so pursuant to the FMCA, convene a meeting of the Holders. (c) The Supervisor (subject to its being indemnified to its satisfaction against all costs and expenses to be incurred) shall at the request in writing of any Holders holding not less than 10% in nominal amount of the Deposits convene a meeting of the Holders. Any such request shall state the nature of the business proposed to be dealt with at the meeting. (d) Whenever FSSI is about to convene a meeting it shall advise the Supervisor in writing of the place, day and hour of the meeting and the nature of the business to be transacted and shall obtained the prior approval in writing of the Supervisor to the draft of the documents to be sent to the Holders concerned and if the Supervisor shall so require shall include with the documents sent to such Holders any statement which the Supervisor requires to make in relation to the meeting and the matters to be dealt with thereat. Whenever the Supervisor is about to convene a meeting it shall advise FSSI in writing of the place, day and hour of the meeting and the nature of the business to be transacted.